财报解读丨连续13个季度营收下滑，“打赏经济”跌入低谷，虎牙如何求生？

Core Viewpoint - Traditional live streaming platforms, particularly Huya, are facing unprecedented survival crises as they struggle against the rising dominance of short video platforms like Douyin and Kuaishou, leading to significant revenue declines and user losses [1][3]. Revenue Decline - Huya's total revenue for 2024 Q4 was 14.96 billion yuan, marking a slight year-on-year decline and the first time it fell below 15 billion yuan, continuing a streak of 13 consecutive quarters of revenue decline [3] - Annual revenue for 2024 dropped nearly 9 billion yuan to 60.79 billion yuan, a 13% decrease from the previous year, with live streaming revenue plummeting 26% to 47.45 billion yuan [3] - The decline in revenue is attributed to user loss, with Q4 mobile MAU at 82.6 million, down 3.4% year-on-year, and a decrease in the willingness to tip during live streams [3][4]. User and Streamer Exodus - The loss of users is closely linked to the departure of prominent streamers to Douyin, which has quickly replicated Huya's fan base [3] - Notable streamers like Saonv and Zhang Daxian have switched platforms, while veteran streamer Chuhe publicly criticized Huya's contractual terms, highlighting tensions between the platform and its streamers [3][4]. Competitive Landscape - Short video platforms have a significant advantage over Huya, with Kuaishou's MAU reaching 714 million and TikTok's global MAU at 1.58 billion, compared to Huya's 84 million [4] - The shift in user consumption habits from focused viewing to fragmented entertainment has further weakened Huya's position, as the e-commerce live streaming user base in China reached 597 million, far surpassing traditional live streaming [4]. Strategic Responses - Despite poor core business performance, Huya is attempting to diversify revenue through gaming-related services and advertising, achieving 3.72 billion yuan in Q4 from these segments, which doubled year-on-year [7] - The company has initiated the "Tiger Billion Plan" to cultivate over a thousand top streamers and collaborate on more than 5,000 gaming projects, while also implementing cost-cutting measures to improve profit margins [7][8]. Management and Future Outlook - Huya's management has undergone significant changes, with Tencent's influence becoming more pronounced following the appointment of new leadership [9][10] - The potential merger with Douyin remains a topic of speculation, as the traditional live streaming giants may need to consolidate resources to compete effectively against the growing short video platforms [10][11].